{"id":543785,"date":"2022-02-17T03:56:04","date_gmt":"2022-02-17T03:56:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/"},"modified":"2022-02-17T03:56:04","modified_gmt":"2022-02-17T03:56:04","slug":"phds-board-approves-egp-3-25-bn-sukuk-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/","title":{"rendered":"PHD\u2019s board approves EGP 3.25 bn sukuk sale"},"content":{"rendered":"

<\/a> Palm Hills Developments (PHD) is taking a EGP 3.25 bn sukuk issuance to market<\/strong> after its board of directors signed off on the sale, according to a company disclosure (pdf)<\/a>. The sale, which will be managed by Contact Financial Holdings\u2019 sukuk arm, will finance the real estate developer\u2019s Badya project.<\/p>\n

PHD could issue our first corporate sukuk of 2022:<\/strong> The sale could go ahead this quarter, Sarwa Promoting and Underwriting head Ayman Elsawy confirmed to Enterprise last month<\/a>. Last year was a quiet one for the sharia-compliant bonds, seeing only one EGP 2.5 bn sukuk sale<\/a> from Contact Financing Holdings.<\/p>\n","protected":false},"excerpt":{"rendered":"

Palm Hills Developments (PHD) is taking a EGP 3.25 bn sukuk issuance to market after its board of directors signed off on the sale, according to a company disclosure (pdf). The sale, which will be managed by Contact Financial Holdings\u2019 sukuk arm, will finance the real estate developer\u2019s Badya project. PHD could issue our first […]<\/p>\n","protected":false},"author":1,"featured_media":543786,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[7106,88,72,354,958,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-enterpriseam","tag-palm-hills-developments","tag-sarwa-sukuk-company","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"325dd244-d50f-4b80-9044-1eceaae2da41","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/249.jpg","photo_position":"above","related_issue":[543767],"teaser":"","voice_url":""},"yoast_head":"\nPHD\u2019s board approves EGP 3.25 bn sukuk sale - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PHD\u2019s board approves EGP 3.25 bn sukuk sale\" \/>\n<meta property=\"og:description\" content=\"Palm Hills Developments (PHD) is taking a EGP 3.25 bn sukuk issuance to market after its board of directors signed off on the sale, according to a company disclosure (pdf). The sale, which will be managed by Contact Financial Holdings\u2019 sukuk arm, will finance the real estate developer\u2019s Badya project. PHD could issue our first […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-17T03:56:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/249.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"PHD\u2019s board approves EGP 3.25 bn sukuk sale\",\"datePublished\":\"2022-02-17T03:56:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/\"},\"wordCount\":106,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/249.jpg?fit=%2C&ssl=1\",\"keywords\":[\"debt\",\"debt watch\",\"EnterpriseAM\",\"Palm Hills Developments\",\"Sarwa Sukuk Company\",\"sukuk\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/\",\"name\":\"PHD\u2019s board approves EGP 3.25 bn sukuk sale - 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The ministry took the issuance to market despite the spillover from the Russian invasion of Ukraine, and the sale makes\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/357.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549555,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/contact-financial-closes-egp-2-bn-sukuk-issuance\/","url_meta":{"origin":543785,"position":2},"title":"Contact Financial closes EGP 2 bn sukuk issuance","author":"enterpriseam admin","date":"21 September 2022","format":false,"excerpt":"Contact Financial Holding has closed an EGP 2 bn sukuk issuance, after getting the greenlight from the Financial Regulatory Authority (FRA) yesterday, Contact Financial Holding CEO Said Zater told Amwal El Ghad. The sharia-compliant mudaraba sukuk has a seven-year tenor and the proceeds will be used to finance car purchases\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/300.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563872,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/27\/contact-makes-first-sukuk-sale-this-year\/","url_meta":{"origin":543785,"position":3},"title":"Contact makes first sukuk sale this year","author":"enterpriseam admin","date":"27 July 2021","format":false,"excerpt":"Contact closes its second EGP 2.5 bn sukuk offering: Contact Financial Holding, formerly Sarwa Capital Holding, has closed its second sukuk issuance worth EGP 2.5 bn, the company said in a statement (pdf). The sharia-compliant mudaraba sukuk carries a seven-year tenor and will be used to finance the expansion of\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/263.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542709,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/12\/sukuks-are-back-on-the-menu\/","url_meta":{"origin":543785,"position":4},"title":"Sukuks are back on the menu","author":"enterpriseam admin","date":"12 January 2022","format":false,"excerpt":"This quarter could see our first corporate sukuk sale of the year: Palm Hills Developments (PHD) could close a EGP 3 bn sukuk sale this quarter, which is being managed by Contact Financial Holding\u2019s (formerly Sarwa Capital) sukuk arm, Ayman Elsawy, head of Sarwa Promoting and Underwriting, told Enterprise, confirming\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576560,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/30\/palm-hills-closes-egp-1-25-bn-securitized-bond-sale-more-corporate-sukuk-issuance-on-the-way\/","url_meta":{"origin":543785,"position":5},"title":"Palm Hills closes EGP 1.25 bn securitized bond sale + more corporate sukuk issuance on the way","author":"enterpriseam admin","date":"30 November 2020","format":false,"excerpt":"Palm Hills (PHD) has closed a triple-tranche EGP 1.25 bn securitized bond issuance, in a transaction handled by CI Capital Investment Banking (CIIB) and the Arab African Bank, Palm Hills (pdf) and CI Capital (pdf) said in EGX filings. 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